Early Warning News Release

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HONG KONG, April 06, 2023 (GLOBE NEWSWIRE) — GFL International Co., Ltd. (“GFL”) announced today that, pursuant to a transaction which took place through the facilities of the TSX Venture Exchange on April 5, 2023 (the “Transaction”), it disposed of an aggregate of 26,000,000 common shares (the “Transferred Shares”) of Arena Minerals Inc. (the “Issuer”) of 1410 – 120 Adelaide St. W, Toronto, Ontario, M5H 1T1 Canada. The Transferred Shares were disposed of at a price of $0.59 per Transferred Share for aggregate gross proceeds of $15,340,000.

Immediately before the Transaction, GFL had ownership of 66,226,146 common shares of the Issuer (the “Common Shares”) and held warrants of the Issuer entitling it to acquire a further 33,113,072 Common Shares representing 16.1% of the issued and outstanding Common Shares on a non-diluted basis and 22.4% of the issued and outstanding Common Shares on a partially-diluted basis (based on the Issuer’s most recent disclosure that a total of 410,445,190 Common Shares are outstanding). Following the Transaction, GFL beneficially owned and controlled 40,226,146 Common Shares and held warrants of the Issuer entitling it to acquire 33,113,072 Common Shares representing 9.8% of the issued and outstanding Common Shares on a non-diluted basis and 16.5% of the issued and outstanding Common Shares on a partially-diluted basis. GFL disposed of the Transferred Shares in connection with an agreement (the “Support and Disposition Agreement”) between the GFL and Lithium Americas Corp. (“LAC”) committing to use commercially reasonable efforts to dispose of all of its securities of the Issuer (including warrants held) prior to closing of the a plan of arrangement (the “Arrangement”) contemplated by the arrangement agreement entered into between the Issuer and LAC dated December 19, 2022, as amended, and to vote the Common Shares in favour of the shareholders’ resolution respecting the Arrangement. GFL will sell additional Common Shares and warrants of the Issuer either on the open market or through private dispositions in the future in compliance with applicable securities regulatory requirements..

In addition to the Support and Disposition Agreement, GFL has previously provided an undertaking to the Issuer confirming it will not exercise its share purchase warrants to the extent that such exercise would cause GFL to hold 20% or more of the issued and outstanding Common Shares until the Issuer obtains the requisite regulatory and shareholder approvals.

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The head office address for GFL is Room 2103, Tung Chiu Commercial Centre, 193 Lockhart Road, Wan Chai, Hong Kong. A copy of GFL’s early warning report will be filed on the Issuer’s SEDAR profile at www.sedar.com.

For further information concerning the Transaction, please contact Samuel Pigott, Director of GFL at 1 (416) 357 4681 or by email addressed to [email protected].

GFL INTERNATIONAL CO., LTD.
Room 2103, Tung Chiu Commercial Centre
193 Lockhart Road
Wan Chai, Hong Kong

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